Bowring Company Took the Following Data from Their Income Statement

question 173

Multiple Choice

Bowring Company took the following data from their income statement at the end of the current year.
$$\begin{array} { l r } \text { Per-unit product cost: } & \$ 30 \\\text { Gross margin percentage: } & 40 \% \\\text { Selling and admini strative expenses } & \$ 30,000 \\\text { Operating income } & \$ 10,000\end{array}$$
-Refer to the Figure.What was the sales price per unit?

• A)$10
• B)$20
• C)$30
• D)$50

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Definitions:

Total

A statistic specifying the number of items in a class or the sum of their values on a variable.

Ratio

A statistic specifying the number of items in a class, or the sum of their values on a variable, per unit of some other class; a ratio is a total expressed in relative terms.

Total

The complete amount or sum of parts or units in a collection.

Distribution

In logic, the act of distributing terms across the components of a categorical syllogism; in mathematics, it refers to the distributive property involving multiplication and addition.